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Fidelity Submits Application for Ethereum ETF Following BlackRock's Initiative by Two Days

The competing asset management firms are also actively seeking spot Bitcoin ETFs, engaging in a race that holds the potential to significantly alter the landscape of cryptocurrency investing in the United States.

Ethereum

On November 17, Fidelity Investments filed for a spot Ethereum exchange-traded fund (ETF), according to a submission to the Securities and Exchange Commission (SEC). Cboe BZX also submitted a 19b-4 filing outlining a proposed rule change that would enable the listing and trading of shares for Fidelity's envisioned fund. This Ethereum ETF proposal closely mirrors Fidelity's spot Bitcoin ETF proposal, which was presented to the SEC in late June.


These filings from Fidelity closely coincide with similar applications from its major competitor, BlackRock. BlackRock submitted an S-1 filing for its spot Ethereum ETF just days before, on November 15, and had previously applied for its spot Bitcoin ETF in June.


The near-simultaneous filings by both asset managers may be attributed to their exceptional standing in the industry. BlackRock, the world's largest asset manager, oversees $9 trillion in assets under management, while Fidelity, the third-largest asset manager globally, manages $4.2 trillion in assets.


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